tick... tick... tick...
and I'm not just talking about the adjustments and foreclosures... I'm talking about Fannie Mae blowing up too
Fannie Mae's chief executive said on Wednesday the U.S. housing market will face significant resetting of adjustable rate mortgages over the next two years and he worries about this sparking foreclosures in some locations.
Daniel Mudd, president and chief executive officer of the government-sponsored mortgage giant, told Reuters in an interview that Fannie Mae models suggest a couple of reset "spike periods" in the next two years, based on past originations of mortgages with adjustable rates and other features such as low initial "teaser rate" periods
May 11, 2006
Fannie CEO frets about adjustable mortgages
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Spikes go through the hearts of our best monsters.
One Word: 2002
REUTERS:
Read this :
The business community is likely to use housing derivatives to hedge business risk. A builder could sell futures to protect against a decline in the value of not-yet-sold homes or lots not yet developed. A mortgage lender could hedge against a decline in the value of the homes that secure its loans.
Investors can use housing derivatives for pure speculation to bet on future housing prices without actually buying or selling any real estate. They can also use them to hedge positions in housing related stocks.
Even those who never trade these instruments may find it worthwhile to monitor market trends as a possible indicator of home-price sentiment, which may in turn be used to help formulate strategies for more conventional housing-related stocks and options.
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